The post Bitcoin Price Holds Key Support, Can Bulls Overcome This Key Hurdle? appeared on BitcoinEthereumNews.com.

Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone. Bitcoin is attempting a fresh increase from the $40,000 support zone. The price is trading below $43,600 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum once it clears the $42,350 resistance zone. Bitcoin Price Remains Supported Bitcoin price dropped heavily below the $43,500 and $43,200 support levels. BTC even dived below the $41,200 support before the bulls emerged. A low was formed near $39,999 and the price is now attempting a fresh increase. The price climbed above the 23.6% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Besides, there was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair. However, Bitcoin is still trading below $43,600 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $42,000 level. The first major resistance is forming near $42,350. It is near the 50% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Source: BTCUSD on TradingView.com A close above the $42,350 resistance might start a steady increase. The next key resistance could be near $43,000, above which BTC could rise toward the $44,000 level. A clear move above the $44,000 level could set the pace for a test of $45,000. Dips Present Buying Opportunity In BTC? If Bitcoin fails to rise above the $42,350 resistance zone, it could start another decline. Immediate support on the downside…

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Filed under: News - @ December 12, 2023 7:08 am